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Brief

The True Cost of Not Having a Talent Management Strategy Series: Succession

Succession planning isn’t just for the C-suite. Imagine: what would happen to your productivity and profits if you suddenly lost just two mid-level managers? Even companies that actively plan for succession rarely address it for roles below the executive level. Failing to have a strategy for filling vacancies in low- and mid- level roles is costly: companies can lose $7,000 per day without a talent pool of qualified successors waiting at the helm.Succession planning isn’t just for the C-suite. Imagine: what would happen to your productivity and profits if you suddenly lost just two mid-level managers? Even companies that actively plan for succession rarely address it for roles below the executive level. Failing to have a strategy for filling vacancies in low- and mid- level roles is costly: companies can lose $7,000 per day without a talent pool of qualified successors waiting at the helm.

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